Live Oak Bancshares, Inc. - LOB STOCK NEWS

Live Oak Bank, a subsidiary of Live Oak Bancshares (NASDAQ: LOB), has enhanced its SBA Lending team by adding 10 seasoned lenders in the first half of 2022. These hires aim to facilitate business acquisitions, partner buyouts, and real estate financing efforts. The bank has established its position as a Preferred Lender Partner (PLP) with the SBA, allowing for expedited loan approval processes. The new team members bring comprehensive market knowledge, contributing to Live Oak’s mission of supporting American entrepreneurs and enhancing access to capital.

CVE North America and Live Oak Bank have successfully secured approximately $6.6 million in permanent debt financing for two community solar projects in Acushnet, MA, totaling 4.2 megawatts of capacity. This financing adds to CVE's Massachusetts portfolio, which now includes nine operational solar assets with over 37 megawatts. These projects qualify under the SMART program, providing solar credits to over 800 households and businesses.

The closing enhances CVE's ability to expand its clean energy initiatives, with 250 megawatts of additional projects in development.

Live Oak Bancshares reported a robust second quarter of 2022 with a net income of $97.0 million, or $2.16 per diluted share. This quarter included a significant pretax gain of $120.5 million from the sale of its investment in Finxact. Total revenue increased by 89% to $208.5 million, driven by strong loan production totaling $959.6 million. However, net interest margin decreased to 3.89%. Deposits rose to $8.16 billion, supporting the growth in loans. The company remains optimistic about future growth, indicating continued opportunities in serving small businesses.

Live Oak Bank organized a charitable event on July 20, 2022, where over 700 employees packed 3,000 hygiene kits for local shelters and hurricane relief efforts in Wilmington, N.C. The kits included essential items like shampoo, deodorant, soap, and toothbrushes, showcasing the bank's commitment to community service.

Director of Philanthropy, Kate Groat, emphasized the event's impact on addressing homelessness and immediate needs. Live Oak collaborates with Port City Community Church to distribute the kits to nonprofit organizations in the area.

Live Oak Bancshares announced the appointment of Casey S. Crawford to its board of directors on July 20, 2022. Crawford brings extensive leadership experience, being the Co-Founder and CEO of Movement Mortgage and Chairman of Movement Bank. His expertise in lending will support Live Oak Bank's mission to serve small businesses. He is recognized for his transformational leadership and has been featured in major media outlets. Crawford emphasized the importance of supporting small businesses in today's economic climate.

Live Oak Bancshares (Nasdaq: LOB) will announce its second-quarter 2022 financial results after U.S. markets close on July 27, 2022. A conference call discussing these results and the business outlook is scheduled for July 28, 2022, at 9:00 a.m. ET. Participants can register in advance to receive dial-in details. A replay of the call will be available until August 4, 2022. Live Oak Bancshares focuses on partnering with businesses in service and technology to innovate banking.

Live Oak Ventures, a subsidiary of Live Oak Bancshares (NASDAQ: LOB), has invested in Asset Class, a Dublin-based fintech focused on investment management software. This Series A funding round, led by Canapi Ventures, raised $11.6 million and supports Asset Class's services to over 300 funds managing $33 billion in assets. The capital will help expand employee headcount in software and business development, aiming to leverage the growing demand for alternative investment strategies and a digital-first market.

Asset Class, a fintech company, has secured $11.6 million in a Series A funding round led by Canapi Ventures with participation from notable investors like Live Oak Ventures and Plexus Capital. Founded in 2020, the company offers innovative investment management software solutions focusing on private equity and venture capital. With over $33 billion in assets under management, Asset Class aims to expand its team, enhancing its software and business development capabilities to capitalize on growing demand in the alternatives market.

Middesk, a leader in business identity solutions, raised $57 million in a Series B funding round led by Insight Partners and Canapi Ventures, with participation from Sequoia, Accel, and Gaingels. The funds will be used to enhance product offerings, scale the workforce, and promote market education about business identity. Founded in 2019, Middesk provides essential verification tools for financial institutions to automate customer onboarding. The company has doubled its headcount recently and aims to double again by year-end.